UK aerospace tech SMEs get a boost with the launch of £24m fund

The UK Government has launched a £24 million fund for research and development in aerospace technology

The UK Government has launched a £24 million fund for aerospace SMEs to develop its tech. The fund will be used for research and development projects in aerospace technology.

Announced by Business Minister Andrew Stephenson at the Paris Airshow, the fund aims to help keep UK aerospace suppliers at the forefront of aerospace manufacturing.

Through the programme up to £12 million government funding, matched by industry, will be available as part of the Open Collaborative Research and Development (CR&D) competition, supported by the Aerospace Technology Institute Programme.

The Business Minister also announced the opening of the new round of the National Aerospace Technology Exploitation Programme (NATEP 3) to help SMEs develop innovate technology, including virtual reality training for cabin crew and 3D aerospace structures to lighten aircraft.

In a speech, Business Minister Andrew Stephenson said that innovation and R&D are crucial for the UK aerospace sector and expressed delight at the launch of two programmes to support R&D for SMEs.

Stephenson said that through the Industrial Strategy they are ensuring the UK remains a world-leader by boosting R&D activity, developing new technology and increasing the UK’s share of the growing aerospace market.

To boost UK aerospace R&D activity, develop new technology and increase the UK’s share of the growing aerospace market, industry and government made a total joint funding commitment of £3.9 billion for civil aerospace research from 2013 to 2026.

ADS chief executive Paul Everitt added that the UK’s successful Aerospace Industrial Strategy is helping companies in this innovative sector to develop advanced new technology, raise their productivity and create high value jobs in every part of the country.

Everitt said that programmes like these are generating new R&D investment at every level of the industry.

He said this investment is vital to boosting the UK aerospace industry’s international competitiveness and to developing the technologies of the future that will deliver improved fuel efficiency and significant reductions in the environmental impact of aviation worldwide.

Risk Warning:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Comment here

17 − fifteen =